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Drenare a halance shept for Yoar? (Fnter amounte to he deducted with a minus sign.) repare a statement of changes in stockholders' equity for Year
Drenare a halance shept for Yoar? (Fnter amounte to he deducted with a minus sign.) repare a statement of changes in stockholders' equity for Year 2. (Enter amounts to be deducted with a minus sign.) The following post-closing trial balance was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31, Year 1. Transactions for Year 2 1. LGS acquired an additional $20,000 cash from the issue of common stock. 2. LGS purchased $85,000 of inventory on account. 3. LGS sold inventory that cost $91,000 for $160,000. Sales were made on account. 4. The company wrote off $900 of uncollectible accounts. 5. On September 1, LGS loaned $18,000 to Eden Company The note had an 8 percent interest rate and a one-year term. 6. LGS paid $19,000 cash for operating expenses. 7. The company collected $161,000 cash from accounts receivable. 8. A cash payment of $92,000 was paid on accounts payable. 9. The company paid a $5,000 cash dividend to the stockholders. 10. Accepted credit cards for sales amounting to $7,000. The cost of goods sold was $4,000. The credit card company charges a 4 percent service charge. The cash has not been received. 11. Uncollectible accounts are estimated to be 1 percent of sales on account. 12. Recorded the accrued interest at December 31, Year 2 (see item 5). Prepare an income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Yea Complete this question by entering your answers in the tabs below. Prepare an income statement for Year 2. Prepare a statement of cash flows for Year 2. (Enter cash outflows with a minus sign.)
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